Tech Data 3Q Profit Rises

Tallahassee, FL 11/21/11 (StreetBeat) --Information technology products distributor Tech Data Corp. (Nasdaq: TECD) said Monday its third-quarter profit rose 6.1 percent on higher sales in the Americas and Europe.

For the quarter ended Oct. 31, Tech Data posted net income attributable to common shareholders of $53.5 million, or $1.26 per share, up from $50.5 million, or $1.07 per share, for the same quarter last year.

Revenue rose 7 percent to $6.59 billion from $6.16 billion and included a 3 percentage point boost from favorable exchange rates.

Analysts, on average, expected a profit of $1.28 per share on $6.74 billion in sales, according to a FactSet poll.

Sales in North America and Latin America rose 3 percent to $2.78 billion, while European sales increased 10 percent to $3.81 billion.

The Clearwater, Fla.-based company said it expects both of its regions to post "flat to low single-digit" sales growth, before the effects of exchange rates.

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